Crypto Whale Opens $44.5M Ether Long Position After October Crash Profits

TLDR

A Hyperliquid whale who made $200 million during the October crash has opened a $44.5 million long position on Ether
The whale added $10 million to their existing position on Monday, gaining over $300,000 in less than an hour
The trader previously profited from well-timed market shorts and remains unidentified despite speculation
Former BitForex CEO Garret Jin denied ownership of the wallet but confirmed a connection to the person
Ether has climbed 2% in the past 24 hours and is trading around $2,900

A cryptocurrency trader known as the “OG Whale” has placed a $44.5 million bet on Ether after making nearly $200 million during the October market crash. The move has caught the attention of crypto watchers who have been tracking this whale’s activities on the Hyperliquid platform.

The whale added $10 million to an existing long position on Monday. This brought the total position size to $44.5 million, according to blockchain analytics platform Arkham Intelligence.

Within the first hour of placing the trade, the whale gained over $300,000. The position marks a shift from the trader’s previous strategy of shorting the market during downturns.

The identity of the whale remains unknown. Arkham Intelligence lists them as an “unverified custom entity” in their system. Some observers have called this trader the “$10B HyperUnit Whale” due to the size of their positions.

The whale first gained attention on October 10 when they profited from a major market crash. They have since executed several successful trades that caught the attention of crypto market watchers.

Speculation About Whale Identity

Garret Jin, the former CEO of defunct crypto exchange BitForex, addressed speculation about his connection to the wallet. Jin denied being the owner of the account in public statements.

However, blockchain investigators found evidence suggesting Jin has some connection to the mysterious trader. Jin appeared to confirm this relationship after researchers presented their findings last month.

The whale’s latest position appears to bet on an Ether price increase. This comes as the broader cryptocurrency market has shown signs of recovery in recent trading sessions.

Ether Price Movement

Ether has climbed 2% over the past 24 hours. The cryptocurrency is currently trading at approximately $2,900, according to data from CoinGecko.

The price movement follows a period of downward pressure on Ether and other major cryptocurrencies. Market participants have been watching for signs of a potential bottom formation.

Some analysts have pointed to changes in futures market data as evidence of a possible price floor. Others remain cautious about declaring the end of the recent downturn.

The whale’s decision to go long on Ether represents a bet that prices will continue to rise. Their track record of profitable trades has made their positions a subject of interest for other traders.

The size of the position makes it one of the larger known bets on Ether in recent weeks. Trading platforms and analytics services have been monitoring the whale’s activities closely.

Market observers note that large positions like this can influence trader sentiment. Other market participants often watch whale movements for clues about potential price direction.

The whale has not made any public statements about their trading strategy or market outlook. Their positions are tracked through on-chain data and trading platform information.